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A report published by the International Energy Agency (IEA) found that an additional 50 lithium, 60 nickel and 17 cobalt mines would need to be built by 2030 to meet global net carbon targets
.
As the electrification of road transport expands to meet net-zero targets, pressure on critical material supplies will continue to increase
.
According to the IEA, the demand for electric vehicle batteries will increase from around 340 GWh today to more than
3500 GWh by 2030.
"Additional investment is required in the short term, especially in the mining industry, where lead times are much
longer than in other parts of the supply chain.
" "Demand for lithium – a commodity with the largest supply-demand gap – is expected to increase sixfold to 500,000 tonnes by 2030, which would require the equivalent of 50 new average-sized mines
," the report said.
”
Nickel will face the greatest absolute demand growth by 2030, as high nickel chemistries are currently the dominant cathode for electric vehicles and are expected to continue to do so
.
For cobalt, the opposite is true, as battery manufacturers continue to reduce cobalt-content chemicals (perhaps even cobalt-free by 2030) to reduce costs, and out of environmental, social and governance concerns
.
Despite this trend, the report warns that a surge in global demand for EV batteries will still increase demand
for cobalt by 2030.
After identifying mineable resources through exploration, the IEA said it could take more than 4-20 years for the mine to begin commercial production
.
Coupled with this urgent need for the new mine, the mine development timeline has been shortened to 16 years to carry out the necessary feasibility studies as well as engineering and construction work
.
Unless sufficient investment is made up front, upstream mining could cause serious bottlenecks
, the IEA said.
"If the announced new supply comes online as scheduled, it seems likely that by 2025 demand for EV battery metals for all metals in the given policy scenario will be met
.
"
But that won't help if midstream processing can't keep up with the rapidly growing supply
.
"In addition, in order to translate it into the deployment of electric vehicles, dozens of cathode and anode factories, gigafactories, and electric vehicle production plants
are needed.
"
A report published by the International Energy Agency (IEA) found that an additional 50 lithium, 60 nickel and 17 cobalt mines would need to be built by 2030 to meet global net carbon targets
.
As the electrification of road transport expands to meet net-zero targets, pressure on critical material supplies will continue to increase
.
According to the IEA, the demand for electric vehicle batteries will increase from around 340 GWh today to more than
3500 GWh by 2030.
"Additional investment is required in the short term, especially in the mining industry, where lead times are much
longer than in other parts of the supply chain.
" "Demand for lithium – a commodity with the largest supply-demand gap – is expected to increase sixfold to 500,000 tonnes by 2030, which would require the equivalent of 50 new average-sized mines
," the report said.
”
Nickel will face the greatest absolute demand growth by 2030, as high nickel chemistries are currently the dominant cathode for electric vehicles and are expected to continue to do so
.
For cobalt, the opposite is true, as battery manufacturers continue to reduce cobalt-content chemicals (perhaps even cobalt-free by 2030) to reduce costs, and out of environmental, social and governance concerns
.
Despite this trend, the report warns that a surge in global demand for EV batteries will still increase demand
for cobalt by 2030.
After identifying mineable resources through exploration, the IEA said it could take more than 4-20 years for the mine to begin commercial production
.
Coupled with this urgent need for the new mine, the mine development timeline has been shortened to 16 years to carry out the necessary feasibility studies as well as engineering and construction work
.
Unless sufficient investment is made up front, upstream mining could cause serious bottlenecks
, the IEA said.
"If the announced new supply comes online as scheduled, it seems likely that by 2025 demand for EV battery metals for all metals in the given policy scenario will be met
.
"
But that won't help if midstream processing can't keep up with the rapidly growing supply
.
"In addition, in order to translate it into the deployment of electric vehicles, dozens of cathode and anode factories, gigafactories, and electric vehicle production plants
are needed.
"
